Jessica decides to take a $25,000 to help her cover her tuition expenses. The tenor of...

 

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Jessica decides to take a $25,000 to help her cover her tuition expenses. The tenor of the loan is 10 years, and the interest rate is 6.75%. Repayments will be made on a monthly frequency. Based on the aforementioned information, and the material covered in class, (a) use the PMT function in Excel to find the fixed total payment, (b) verify your answer from (a) by programming the present value annuity formula as shown in class, (c) create an amortization schedule for this loan, (d) create a bar chart showing the Fixed Total Payment, Interest Paid, and Principal Paid. Jessica decides to take a $25,000 to help her cover her tuition expenses. The tenor of the loan is 10 years, and the interest rate is 6.75%. Repayments will be made on a monthly frequency. Based on the aforementioned information, and the material covered in class, (a) use the PMT function in Excel to find the fixed total payment, (b) verify your answer from (a) by programming the present value annuity formula as shown in class, (c) create an amortization schedule for this loan, (d) create a bar chart showing the Fixed Total Payment, Interest Paid, and Principal Paid.

Answer rating: 100% (QA)

Step 1 The syntax of the PMT function is PMT rate nper pv Where rate is the i... View the full answer